Barclays Bank UK PLC Interim Results Announcement · 7/29/2020 · Barclays Bank UK Group overview...

Barclays Bank UK PLC

Interim Results Announcement

30 June 2020

Table of Contents

Results Announcement Page

Notes 1

Financial Review 2

Risk Management

Risk Management and Principal Risks

Credit Risk

Treasury and Capital Risk

4

6

12

Statement of Directors’ Responsibilities 13

Independent Review Report to Barclays Bank UK PLC 14

Condensed Consolidated Financial Statements 15

Financial Statement Notes 20

Other Information 31

BARCLAYS BANK UK PLC, 1 CHURCHILL PLACE, LONDON, E14 5HP, UNITED KINGDOM. TELEPHONE: +44 (0) 20 7116 1000. COMPANY NO. 9740322

Barclays Bank UK PLC

Notes

Barclays Bank UK PLC 1

The term Barclays Bank UK Group refers to Barclays Bank UK PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis

compares the six months ended 30 June 2020 to the corresponding six months of 2019 and balance sheet analysis as at 30 June 2020 with

comparatives relating to 31 December 2019. The abbreviations ‘£m’ and ‘£bn’ represent millions and thousands of millions of Pounds Sterling respectively.

There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.

Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the results glossary that can be accessed at home.barclays/investor-relations/reports-and-ev ents/latest-financial-results.

The information in this announcement, which was approved by the Board of Directors on 28 July 2020, does not comprise statutory accounts within

the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2019 which contained an unmodified

audit report under Section 495 of the Companies Act 2006 (which did not make any statements under Section 498 of the Companies Act 2006) have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

Barclays Bank UK Group is an issuer in the debt capital markets and meets with investors via formal road-shows and other ad hoc meetings. Barclays

Bank UK Group expects that from time to time over the coming half year it will meet with investors to discuss these results and other matters relating to the Barclays Bank UK Group.

Forward-looking statements

This document contains certain forward-looking statements. Barclays Bank UK Group cautions readers that no forward-looking statement is a

guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those

contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historica l

or current facts. Forward-looking statements sometimes use words such as ‘may’, ‘will’, ‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’, ‘projected’ ,

‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar meaning. Forward-looking statements can be made in writing

but also may be made verbally by members of the management of the Barclays Bank UK Group (including, without limitation, during management

presentations to financial analysts) in connection with this document. Examples of forward-looking statements include, among others, statements or

guidance regarding or relating to the Barclays Bank UK Group’s future financial position, income growth, assets, impairment charges, provisions, business strategy, capital, leverage and other regulatory ratios, payment of dividends (including dividend payout ratios and expected payment

strategies), projected levels of growth in the banking and financial markets, projected costs or savings, any commitments and targets, estimates of

capital expenditures, plans and objectives for future operations, projected employee numbers, IFRS impacts and other statements that are not historica l

fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The forward-

looking statements speak only as at the date on which they are made and such statements may be affected by changes in legislation, the development

of standards and interpretations under IFRS, including evolving practices with regard to the interpretation and application of accounting and regulatory

standards, the outcome of current and future legal proceedings and regulatory investigations, future levels of conduct provisions, the policies and

actions of governmental and regulatory authorities, geopolitical risks and the impact of competition. In addition, factors including (but not limited to)

the following may have an effect: capital, leverage and other regulatory rules applicable to past, current and future periods; macroeconomic and

business conditions in the UK and in any systemically important economy which impacts the UK; the effects of any volatility in credit markets; market

related risks such as changes in interest rates and foreign exchange rates; effects of changes in valuation of credit market exposures; changes in

valuation of issued securities; volatility in capital markets; changes in credit ratings of any entity within the Barclays Bank UK Group or any securities

issued by such entities; direct and indirect impacts of the coronavirus (COVID-19) pandemic; instability as a result of the exit by the UK from the

European Union and the disruption that may subsequently result in the UK; and the success of future acquisitions, disposals and other strategic transactions. A number of these influences and factors are beyond the Barclays Bank UK Group’s control. As a result, the Barclays Bank UK Group’s

actual financial position, future results, dividend payments, capital, leverage or other regulatory ratios or other financial and non-financial metrics or performance measures may differ materially from the statements or guidance set forth in the Barclays Bank UK Group’s forward-looking statements.

Subject to our obligations under the applicable laws and regulations of any relevant jurisdiction, (including, without limitation, the UK), in relation to

disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Review


Barclays Bank UK Group results

for the half year ended 30.06.20 30.06.19

£m £m % Change

Total income 3,240 3,571 (9)

Credit impairment charges (1,055) (418)

Net operating income 2,185 3,153 (31)

Operating expenses (2,188) (2,186)

Litigation and conduct (11) (45) 76

Total operating expenses (2,199) (2,231) 1

Profit on disposal of subsidiaries, associates and joint ventures 12 -

(Loss)/profit before tax (2) 922

Tax credit/(charge) 91 (213)

Profit after tax 89 709 (87)

Attributable to:

Equity holders of the parent (5) 639

Other equity instrument holders 94 70 34

Profit after tax 89 709

As at

30.06.20

As at

31.12.19

Balance sheet information £m £m % Change

Assets

Loans and advances at amortised cost 205,919 197,569 4

Cash and balances at central banks 38,651 24,305 59

Financial assets at fair value through other comprehensive income 24,096 19,322 25

Liabilities

Deposits at amortised cost 225,745 205,696 10

As at As at

Capital and liquidity metrics 30.06.20

£bn

31.12.19

£bn

Common equity tier 1 (CET1) ratio1 14.2% 13.5%

Liquidity pool 64 42

Liquidity coverage ratio 171% 144%

1 CET1 capital ratio is calculated applying the IFRS 9 transitional arrangements of the Capital Requirements Regulation (CRR) as amended by the Capital

Requirements Regulation II (CRR II) applicable as at the reporting date. For more information on the implementation of CRR II see page 12.

Financial Review


Barclays Bank UK Group overview Barclays Bank UK PLC is the wholly-owned ring-fenced bank of Barclays PLC and consists of Personal Banking, Business

Banking and Barclaycard Consumer UK businesses.

Group performance Loss before tax was £2m (H119 Profit before tax: £922m) reflecting a challenging operating environment. Barclays Bank UK

PLC continued to support customers during H120, increasing lending by £8.4bn predominantly through £7.1bn of Bounce

Back Loan (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). Customer deposits grew by £20.0bn,

reflecting the impact from payment holidays, lower customer spending levels and the deposit of BBLS and CBILS loan

proceeds, demonstrating franchise strength. Digital investment continues to transform customer interactions, providing

continuity of service and resilience through the lockdown. During H120 Barclays Bank UK PLC provided c.350k payment

holidays to customers. These comprised £0.7bn UK cards balances (5% of the portfolio), £0.6bn UK personal loans balances

(11% of the portfolio), and £14.9bn mortgages balances (10% of the portfolio).

Total income decreased 9% to £3,240m, consisting of:

Personal Banking income decreased 6% to £1,863m reflecting deposit margin compression, COVID-19 customer

support actions, and lower overdraft balances and fees

Barclaycard Consumer UK income decreased 18% to £810m as reduced borrowing and spend levels by customers

resulted in a lower level of Interest earning lending (IEL) balances, as well as planned lower debt sales

Business Banking income decreased 13% to £575m due to deposit margin compression, lower transactional fee volumes

as a result of COVID-19 and related customer support actions, partially offset by lending and deposit balance growth

This was partially offset by an expense of £8m in Head Office due to the impacts of hedge accounting

Credit impairment charges increased to £1,055m reflecting forecast deterioration in macroeconomic variables in the COVID-

19 scenarios1, partially offset by the estimated impact of central bank, government and other support measures

Operating expenses were stable at £2,188m as efficiency savings were offset by COVID-19 pandemic related costs

The tax credit for H120 was £91m (H119: £213m charge), which includes the impact of the tax benefit recognised for the re-

measurement of UK deferred tax assets as a result of the UK corporation tax rate being maintained at 19%.

Balance sheet, capital and liquidity Loans and advances at amortised cost increased 4% to £205.9bn predominantly through £7.1bn of BBLS and CBILS lending,

as well as £1.9bn of mortgage growth, partially offset by lower UK cards balances

Deposits at amortised cost increased 10% to £225.7bn due to lower spending levels, the impact of payment holidays, as well

as the deposit of BBLS and CBILS loan proceeds

Cash and balances at central banks increased 59% to £38.7bn and Financial assets at fair value through other comprehensive

income increased 25% to £24.1bn, as a result of a larger liquidity pool, predominantly due to increased customer deposits

The Barclays Bank UK Group CET1 ratio as at 30 June 2020 was 14.2%, which is above regulatory capital minimum

requirements.

1 See Measurement uncertainty, page 9, for a description of the COVID-19 Scenarios.

Risk Management


Risk management and principal risks

The roles and responsibilities of the business groups, Risk and Compliance, in the management of risk in the firm are defined

in the Enterprise Risk Management Framework. The purpose of the framework is to identify the principal risks of Barclays

Bank UK Group, the process by which Barclays Bank UK Group sets its appetite for these risks in its business activities, and

the consequent limits which it places on related risk taking.

The framework identifies eight principal risks: credit risk; market risk; treasury and capital risk; operational risk; model risk;

conduct risk; reputation risk; and legal risk. Further detail on these risks and how they are managed is available in the Barclays

Bank UK PLC Annual Report 2019 pages 31 to 41 or online at home.barclays/annualreport. There have been no significant

changes to these principal risks or previously identified material existing and emerging risks in the period, save that details of

an additional material risk identified in H120 which potentially impacts more than one principal risk are set out below.

The following section also gives an overview of credit risk and treasury and capital risk for the period.

Risks relating to the impact of COVID-19

The COVID-19 pandemic has had, and continues to have, a material impact on businesses around the world and the economi c

environments in which they operate. There are a number of factors associated with the pandemic and its impact on global

economies that could have a material adverse effect on (among other things) the profitability, capital and liquidity of financial

institutions such as Barclays Bank UK Group.

The COVID-19 pandemic has caused disruption to the Barclays Bank UK Group’s customers, suppliers and staff. In the UK

severe restrictions on the movement of people have been implemented by the UK, Scottish and Welsh governments, with a

resultant significant impact on economic activity. It remains unclear how this will evolve through 2020 (including whether

there will be subsequent waves of the COVID-19 pandemic and whether and in what manner previously lifted restrictions will

be re-imposed) and the Barclays Bank UK Group continues to monitor the situation closely. However, despite the COVID-19

contingency plans established by the Barclays Bank UK Group, its ability to conduct business may be adversely affected by

disruptions to its infrastructure, business processes and technology services, resulting from the unavailability of staff due to

illness or the failure of third parties to supply services. This may cause significant customer detriment, costs to reimburse

losses incurred by the Barclays Bank UK Group’s customers, potential litigation costs (including regulatory fines, penalties

and other sanctions), and reputational damage.

In the UK, schemes have been implemented by the Bank of England, the UK Government and the Financial Conduct Authority

to provide financial support to parts of the economy most impacted by the COVID-19 pandemic. These schemes have been

designed and implemented at pace, meaning lenders (including Barclays) continue to address operational issues which have

arisen in connection with the implementation of the schemes, including resolving the interaction between the schemes and

existing law and regulation. In addition, the details of how these schemes will impact the Barclays Bank UK Group’s customers

and therefore the impact on the Barclays Bank UK Group remains uncertain at this stage. However, certain actions (such as

the introduction of payment holidays for certain consumer lending products or the cancellation or waiver of fees associated

with certain products) may negatively impact the effective interest rate earned on certain of the Barclays Bank UK Group

portfolios and lower fee income being earned on certain products. Lower interest rates in the UK will negatively impact net

interest income earned by the Barclays Bank UK Group. Both of these factors may in turn negatively impact the Barclays Bank

UK Group’s profitability. Furthermore, the introduction of, and participation in, central-bank supported loan and other

financing schemes introduced as a result of the COVID-19 pandemic may negatively impact the Barclays Bank UK Group’s

risk weighted assets (RWAs), level of impairment and, in turn, capital position (particularly when any transitional relief applied

to the calculation of RWAs and impairment expires). This may be exacerbated if the Barclays Bank UK Group is required by

the UK Government or the Financial Conduct Authority to offer forbearance or additional financial relief to borrowers.

As these schemes and other financial support schemes provided by the UK Government (such as job retention and furlough

schemes) expire, are withdrawn or are no longer supported, the Barclays Bank UK Group may experience a higher volume of

defaults and delinquencies in certain portfolios and may initiate collection and enforcement actions to recover defaulted

debts. Where defaulting borrowers are harmed by the Barclays Bank UK Group’s conduct, this may give rise to civil legal

proceedings, including class actions, regulatory censure, potentially significant fines and other sanctions, and reputational

damage. Other legal disputes may also arise between the Barclays Bank UK Group and defaulting borrowers relating to

matters such as breaches or enforcement of legal rights or obligations arising under loan and other credit agreements.

Adverse findings in any such matters may result in the Barclays Bank UK Group’s rights not being enforced as intended. For

further details on legal risk and legal, competition and regulatory matters, refer to Note 14 on pages 28 to 29.

The actions taken by the UK Government and the Bank of England, may indicate a view on the potential severity of any

economic downturn and post recovery environment, which from a commercial, regulatory and risk perspective could be

significantly different to past crises and persist for a prolonged period. The COVID-19 pandemic has led to a weakening in

Risk Management


gross domestic product (GDP) and an expectation of higher unemployment and lower house prices in the UK. These factors

all have a significant impact on the modelling of expected credit losses (ECL) by Barclays Bank UK Group. As a result, the

Barclays Bank UK Group has experienced higher ECLs during the first half of 2020 compared to prior periods and this trend

may continue in the second half of 2020. The economic environment remains uncertain and future impairment charges may

be subject to further volatility (including from changes to macroeconomic variable forecasts) depending on the longevity of

the COVID-19 pandemic and related containment measures, as well as the longer term effectiveness of the Bank of England’s,

UK Government’s and other support measures. For further details on macroeconomic variables used in the calculation of

ECLs, refer to page 9. In addition, ECLs may be adversely impacted by increased levels of default for single name exposures

in certain sectors directly impacted by the COVID-19 pandemic (such as the retail and hospitality and leisure sectors).

Furthermore, the Barclays Bank UK Group relies on models to support a broad range of business and risk management

activities, including informing business decisions and strategies, measuring and limiting risk, valuing exposures (including

the calculation of impairment), conducting stress testing and assessing capital adequacy. Models are, by their nature,

imperfect and incomplete representations of reality because they rely on assumptions and inputs, and so they may be subject

to errors affecting the accuracy of their outputs and/or misused. This may be exacerbated when dealing with unprecedented

scenarios, such as the COVID-19 pandemic, due to the lack of reliable historical reference points and data. For further details

on model risk, refer to page 34 of the Barclays Bank UK PLC Annual Report 2019.

The disruption to economic activity caused by the COVID-19 pandemic could adversely impact the Barclays Bank UK Group’s

other assets such as goodwill and intangibles, and the value of Barclays Bank UK PLC’s investments in subsidiaries. It could

also impact the Barclays Bank UK Group’s income due to lower lending and transaction volumes due to volatility or weakness

in the capital markets. Other potential risks include credit rating migration which could negatively impact the Barclays Bank

UK Group’s RWAs and capital position, and potential liquidity stress due to (among other things) increased customer

drawdowns, notwithstanding the significant initiatives that the UK Government and the Bank of England have put in place to

support funding and liquidity. Furthermore, a significant increase in the utilisation of credit cards by customers could have a

negative impact on the Barclays Bank UK Group’s RWAs and capital position.

The Bank of England and UK Government actions and other support measures taken in response to the COVID-19 pandemic

may also create restrictions in relation to capital. Restrictions imposed by the UK Government and/or the Prudential

Regulation Authority (PRA) may further limit management’s flexibility in managing the business and taking action in relation

to capital distributions and capital allocation.

Any and all such events mentioned above could have a material adverse effect on the Barclays Bank UK Group’s business,

financial condition, results of operations, prospects, liquidity, capital position and credit ratings (including potential credit

rating agency changes of outlooks or ratings), as well as on the Barclays Bank UK Group’s customers, employees and

suppliers.

Credit Risk


Loans and advances at amortised cost by product The table below presents a breakdown of loans and advances at amortised cost and the impairment allowance with stage allocation by asset classification.

Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to the drawn exposure to the extent that the allowance does not exceed the exposure, as ECL is

not reported separately. Any excess is reported on the liability side of the balance sheet as a provision. For wholesale portfolios, the impairment allowance on the undrawn exposure is reported on the liability side of the balance sheet as a provision.

Stage 2

As at 30.06.20 Stage 1

Not past

due

<=30 days

past due

>30 days

past due Total Stage 3 Total1

Gross exposure £m £m £m £m £m £m £m

Home loans 124,942 16,826 1,703 863 19,392 1,116 145,450 Credit cards, unsecured loans and other retail lending 13,065 5,639 143 198 5,980 1,378 20,423

Wholesale loans 36,048 5,841 198 41 6,080 1,205 43,333

Total 174,055 28,306 2,044 1,102 31,452 3,699 209,206

Impairment allowance

Home loans 10 19 4 6 29 47 86

Credit cards, unsecured loans and other retail lending 294 1,404 54 122 1,580 983 2,857

Wholesale loans 29 119 2 3 124 191 344

Total 333 1,542 60 131 1,733 1,221 3,287

Net exposure

Home loans 124,932 16,807 1,699 857 19,363 1,069 145,364

Credit cards, unsecured loans and other retail lending 12,771 4,235 89 76 4,400 395 17,566

Wholesale loans 36,019 5,722 196 38 5,956 1,014 42,989

Total 173,722 26,764 1,984 971 29,719 2,478 205,919

Coverage ratio % % % % % % %

Home loans - 0.1 0.2 0.7 0.1 4.2 0.1

Credit cards, unsecured loans and other retail lending 2.3 24.9 37.8 61.6 26.4 71.3 14.0

Wholesale loans 0.1 2.0 1.0 7.3 2.0 15.9 0.8

Total 0.2 5.4 2.9 11.9 5.5 33.0 1.6

As at 31.12.19 Gross exposure

Home loans 126,109 14,189 1,537 643 16,369 1,099 143,577 Credit cards, unsecured loans and other retail lending 16,471 5,953 192 164 6,309 1,280 24,060

Wholesale loans 28,430 2,885 20 12 2,917 1,196 32,543

Total 171,010 23,027 1,749 819 25,595 3,575 200,180

Impairment allowance

Home loans 6 13 5 6 24 55 85 Credit cards, unsecured loans and other retail lending 180 1,074 60 89 1,223 864 2,267

Wholesale loans 27 65 1 2 68 164 259

Total 213 1,152 66 97 1,315 1,083 2,611

Net exposure

Home loans 126,103 14,176 1,532 637 16,345 1,044 143,492

Credit cards, unsecured loans and other retail lending 16,291 4,879 132 75 5,086 416 21,793

Wholesale loans 28,403 2,820 19 10 2,849 1,032 32,284

Total 170,797 21,875 1,683 722 24,280 2,492 197,569

Coverage ratio % % % % % % %

Home loans - 0.1 0.3 0.9 0.1 5.0 0.1

Credit cards, unsecured loans and other retail lending 1.1 18.0 31.3 54.3 19.4 67.5 9.4

Wholesale loans 0.1 2.3 5.0 16.7 2.3 13.7 0.8

Total 0.1 5.0 3.8 11.8 5.1 30.3 1.3

1 Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances and financial assets at fair value through

other comprehensive income, accrued income and sundry debtors. These have a total gross exposure of £29.2bn (December 2019: £24.5bn) and an impairment

allowance of £9m (December 2019: £3m). This comprises £4m (December 2019: £3m) on £28.2bn Stage 1 assets (December 2019: £24.5bn). £5m (December 2019:

£nil) on £988m Stage 2 assets (December 2019: £nil). Loan commitments and financial guarantee contracts have total ECL of £148m (December 2019: £70m).

Credit Risk


Movement in gross exposure and impairment allowance including provisions for loan

commitments and financial guarantees

The following tables present a reconciliation of the opening to the closing balance of the exposure and impairment allowance.

An explanation of the terms 12-month ECL, lifetime ECL and credit-impaired is included in the Barclays Bank UK PLC Annual

Report 2019 on page 121. Barclays Bank UK Group does not hold any material purchased or originated credit-impaired assets

as at period end. Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the

year. The movements are measured over a 6-month period.

Gross exposure for loans and advances at amortised cost

Stage 1 Stage 2 Stage 3 Total

Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL £m £m £m £m £m £m £m £m Home loans As at 1 January 2020 126,109 6 16,369 24 1,099 55 143,577 85

Transfers from Stage 1 to Stage 2 (6,767) (1) 6,767 1 - - - - Transfers from Stage 2 to Stage 1 2,871 4 (2,871) (4) - - - -

Transfers to Stage 3 (35) - (221) (2) 256 2 - -

Transfers from Stage 3 7 1 80 - (87) (1) - -

Business activity in the year 9,517 1 277 1 - - 9,794 2 Net drawdowns, repayments, net re-

measurement and movement due to

exposure and risk parameter changes

(3,085) (1) (383) 10 (42) 1 (3,510) 10

Final repayments (3,675) - (626) (1) (108) (8) (4,409) (9)

Disposals - - - - - - - -

Write-offs1 - - - - (2) (2) (2) (2)

As at 30 June 20202 124,942 10 19,392 29 1,116 47 145,450 86

Credit cards, unsecured loans and other retail lending As at 1 January 2020 16,471 180 6,309 1,223 1,280 864 24,060 2,267

Transfers from Stage 1 to Stage 2 (2,660) (45) 2,660 45 - - - - Transfers from Stage 2 to Stage 13 2,023 331 (2,023) (331) - - - -

Transfers to Stage 3 (101) (3) (396) (153) 497 156 - -

Transfers from Stage 3 15 6 12 4 (27) (10) - -

Business activity in the year 980 20 134 28 10 4 1,124 52 Net drawdowns, repayments, net re-

measurement and movement due to

exposure and risk parameter changes3

(3,122) (184) (655) 774 (23) 296 (3,800) 886

Final repayments (541) (11) (61) (10) (61) (32) (663) (53)

Disposals - - - - (15) (12) (15) (12)

Write-offs1 - - - - (283) (283) (283) (283)

As at 30 June 20202 13,065 294 5,980 1,580 1,378 983 20,423 2,857

1 In H1 2020, gross write-offs amounted to £304m (H1 2019: £324m) and post write-off recoveries amounted to £14m (H1 2019: £26m). Net write-offs

represent gross write-offs less post write-off recoveries and amounted to £290m (H1 2019: £298m). 2 Other financial assets subject to impairment excluded from the tables above include cash collateral and settlement balances, financial assets at fair value

through other comprehensive income and other assets. These have a total gross exposure of £29.2bn (December 2019: £24.5bn) and an impairment allowance of £9m (December 2019: £3m). This comprises £4m (December 2019: £3m) on £28.2bn Stage 1 assets (December 2019: £24.5bn). £5m (December 2019: £nil) on £988m Stage 2 assets (December 2019: £nil).

3 Transfers and risk parameter changes include a £253m net release in ECL arising from a reclassification of £2.4bn gross loans and advances from Stage 2 to Stage 1 in Credit cards, unsecured loans and other retail lending resulting from a review of probability of default models in the period. Barclays continually reviews the output of models to determine appropriateness of the ECL calculation, including reviews of model monitoring, external benchmarking and experience of model operation over an extended period of time.

Credit Risk



Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL

£m £m £m £m £m £m £m £m

Wholesale loans As at 1 January 2020 28,430 27 2,917 68 1,196 164 32,543 259

Transfers from Stage 1 to Stage 2 (3,069) (6) 3,069 6 - - - -

Transfers from Stage 2 to Stage 1 486 9 (486) (9) - - - -

Transfers to Stage 3 (142) - (146) (5) 288 5 - - Transfers from Stage 3 112 9 141 7 (253) (16) - -

Business activity in the year 5,652 3 186 2 - - 5,838 5

Net drawdowns, repayments, net re-

measurement and movement due to exposure

and risk parameter changes

7,857 (13) 435 55 (7) 57 8,285 99

Final repayments (3,278) - (36) - - - (3,314) -

Disposals - - - - - - - -

Write-offs1 - - - - (19) (19) (19) (19)

As at 30 June 20202 36,048 29 6,080 124 1,205 191 43,333 344

Reconciliation of ECL movement to impairment charge/(release) for the period £m

Home loans 3

Credit cards, unsecured loans and other retail lending 885 Wholesale loans 104

ECL movement excluding assets derecognised due to disposals and write-offs 992

Post write-off recoveries (14)

Other adjustments3 (10)

Impairment charge on loan commitments and other financial guarantees 78

Impairment charge on other financial assets2 9

As at 30 June 2020 1,055

1 In H1 2020, gross write-offs amounted to £304m (H1 2019: £324m) and post write-off recoveries amounted to £14m (H1 2019: £26m). Net write-offs

represent gross write-offs less post write-off recoveries and amounted to £290m (H1 2019: £298m).

2 Other financial assets subject to impairment excluded from the tables above include cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £29.2bn (December 2019: £24.5bn) and an impairment allowance of £9m (December 2019: £3m). This comprises £4m (December 2019: £3m) on £28.2bn Stage 1 assets (December 2019: £24.5bn). £5m (December 2019: £nil) on £988m Stage 2 assets (December 2019: £nil).

3 Includes interest and fees in suspense.

Loan commitments and financial guarantees


Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL

Gross

exposure ECL

£m £m £m £m £m £m £m £m

Home loans

As at 1 January 2020 9,508 - 499 - 3 - 10,010 -

Net transfers between stages (93) - 93 - - - - -

Business activity in the year - - - - - - - -




(886) - (6) - (2) - (894) -

Limit management (98) - (16) - - - (114) -

As at 30 June 2020 8,431 - 570 - 1 - 9,002 -

Credit cards, unsecured loans and other retail lending

As at 1 January 2020 47,505 11 4,183 59 181 - 51,869 70

Net transfers between stages (2,281) 36 2,219 (36) 62 - - -

Business activity in the year 349 1 37 1 - - 386 2




1,779 (20) 321 97 (38) - 2,062 77

Limit management (228) (1) (16) (1) (30) - (274) (2)

As at 30 June 2020 47,124 27 6,744 120 175 - 54,043 147

Wholesale loans

As at 1 January 2020 2,738 - 395 - 47 - 3,180 -

Net transfers between stages (456) - 456 - - - - -

Business activity in the year 4 - - - - - 4 -

Net drawdowns, repayments, net re-measurement and movement due to exposure


709 - 194 1 12 - 915 1

Limit management (23) - (94) - - - (117) -

As at 30 June 2020 2,972 - 951 1 59 - 3,982 1

Credit Risk


Measurement uncertainty

The Barclays Bank UK Group uses a five-scenario model to calculate ECL. Absent the conditions surrounding the COVID-19

pandemic, a Baseline scenario is typically generated based on an external consensus forecast assembled from key sources,

including HM Treasury (short and medium-term forecasts) and Bloomberg (based on median of economic forecasts). In

addition, two adverse scenarios (Downside 1 and Downside 2) and two favourable scenarios (Upside 1 and Upside 2) are

derived, with associated probability weightings. The adverse scenarios are typically calibrated to a similar severity to internal

stress tests, whilst also considering IFRS 9 specific sensitivities and non-linearity. Downside 2 is typically benchmarked to the

Bank of England’s annual cyclical scenarios and to the most severe scenario from Moody’s inventory, but is not designed to

be the same. The favourable scenarios are generally calibrated to be symmetric to the adverse scenarios, subject to a ceiling

calibrated to relevant recent favourable benchmark scenarios. The scenarios include four economic variables (GDP,

unemployment, House Price Index (HPI) and base rate), and expanded variables using statistical models based on historical

correlations. The upside and downside shocks are designed to evolve over a five-year stress horizon, with all five scenarios

converging to a steady state after approximately eight years. To calculate ECL a probability weight is assigned to each

scenario.

Following the onset of the COVID-19 pandemic, the Barclays Bank UK Group generated a Baseline scenario in March 2020

that reflected the most recent economic forecasts available in the market (combined with internal assumptions) and

estimated impacts from significant support measures taken by Barclays, central banks and governments across the Barclays

Bank Group’s key markets. This scenario assumed a strong contraction in GDP and a sharp rise in unemployment in 2020,

and required a recalibration of probability weights. This scenario was superseded by a further revised Baseline scenario

generated in June 2020, based broadly on the latest economic forecasts which recognise some impacts from the various

support measures still in place across the Barclays Bank UK Group’s key markets. Upside and downside scenarios were also

regenerated in June 2020 (together with the revised Baseline scenario, the “COVID-19 Scenarios”). The downside scenarios

reflect slower economic growth than the Baseline with social distancing measures continuing to drag GDP. Economic growth

begins to recover later in 2020 in Downside 1 but only in 2021 in the Downside 2 scenario. The upside scenarios reflect a

faster rebound in economic growth than the Baseline with a sharp decrease in infection rates and an almost fully reopened

economy. Scenario weights were also revised in June 2020 with greater weight being applied to the tail scenarios (Upside 2

and Downside 2). This reflects the significant range of uncertainty in the economic environment compared to previous

quarters given the conditions surrounding the COVID-19 pandemic.

The economic environment remains uncertain and future impairment charges may be subject to further volatility (including

from changes to macroeconomic variable forecasts) depending on the longevity of the COVID-19 pandemic and related

containment measures, as well as the longer term effectiveness of central bank, government and other support measures.

The tables below show the key macroeconomic variables used in the COVID-19 Baseline scenario and the probability weights

applied to each respective scenario.

Baseline average macroeconomic variables used in the calculation of ECL

2020 2021 2022

Expected Worst

Point As at 30.06.20 % % % %

UK GDP1 (8.7) 6.1 2.9 (51.4) UK unemployment2 6.6 6.5 4.4 8.0

UK HPI3 0.6 2.0 - (1.5)

UK bank rate 0.2 0.1 0.1 0.1

1 Average Real GDP seasonally adjusted change in year; expected worst point using Seasonally Adjusted Annual Rate, SAAR. 2 Average UK unemployment rate 16-year+.

3 Change in average yearly UK HPI = Halifax All Houses, All Buyers index, relative to prior year end; worst point is based on cumulative drawdown in year relative to prior year end.

Scenario probability weighting

Upside 2 Upside 1 Baseline Downside 1 Downside 2

% % % % %

As at 30.06.20

Scenario probability weighting 20.3 22.4 25.4 17.5 14.4

As at 31.12.19

Scenario probability weighting 10.1 23.1 40.8 22.7 3.3

Credit Risk


Macroeconomic variables (specific bases)1


As at 30.06.20 % % % % %

UK GDP2 32.7 26.4 5.4 1.6 1.2

UK unemployment3 3.5 3.6 4.9 9.6 10.9

UK HPI4 45.3 27.2 2.3 (15.0) (33.4)

UK bank rate3 0.1 0.1 0.2 0.3 0.2

As at 31.12.19

UK GDP2 4.2 2.9 1.6 0.2 (4.7)

UK unemployment3 3.4 3.8 4.2 5.7 8.7

UK HPI4 46.0 32.0 3.1 (8.2) (32.4)

UK bank rate3 0.5 0.5 0.7 2.8 4.0

As at 30.06.19

UK GDP2 4.5 3.1 1.7 0.3 (4.1)

UK unemployment3 3.4 3.9 4.3 5.7 8.8

UK HPI4 46.4 32.6 3.2 (0.5) (32.1)

UK bank rate3 0.8 0.8 1.0 2.5 4.0

1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI = Halifax All Houses. Forecast period based on 20 quarters from Q3 2020.

2 Upside scenario is the highest annual average growth rate based on seasonally adjusted quarterly annualised rate; 5-year average in Baseline; downside is the lowest annual average growth rate based on seasonally adjusted quarterly annualised rate.

3 Lowest yearly average in Upside scenarios; 5-year average in Baseline; highest yearly average in Downside scenarios. 4 Cumulative growth (trough to peak) in Upside scenarios; 5-year average in Baseline; cumulative fall (peak-to-trough) in Downside scenarios.

Macroeconomic variables (5-year averages)1


As at 30.06.20 % % % % %

UK GDP 8.9 7.2 5.4 5.2 2.8

UK unemployment 4.0 4.3 4.9 6.2 7.2

UK HPI 7.8 5.0 2.3 (1.4) (5.5)

UK bank rate 0.4 0.3 0.2 0.1 0.1

As at 31.12.19

UK GDP 3.2 2.4 1.6 0.8 (0.7)


UK HPI 7.9 5.7 3.1 (1.1) (6.5)

UK bank rate 0.5 0.5 0.7 2.5 3.7

As at 30.06.19

UK GDP 3.4 2.6 1.7 0.9 (0.6)


UK HPI 7.9 5.8 3.2 0.9 (6.4)

UK bank rate 0.8 0.8 1.0 2.3 3.7

1 UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI = Halifax All Houses. For GDP and HPI,

numbers represent average of seasonally adjusted quarterly annualised rates. Forecast period based on 20 quarters from Q3 2020.



Funding and liquidity

Overview

The liquidity pool increased to £64bn (December 2019: £42bn) driven by customer deposit growth and actions to maintain

a prudent funding and liquidity position in the current environment.

Liquidity risk stress testing

The liquidity risk stress assessment measures the potential contractual and contingent stress outflows under a range of

scenarios, which are then used to determine the size of the liquidity pool that is immediately available to meet anticipated

outflows if a stress occurs. The scenarios include a 30 day Barclays-specific stress event, a 90 day market-wide stress event

and a 30 day combined scenario consisting of both a Barclays specific and market-wide stress event.

The CRR (as amended by CRR II) Liquidity Coverage ratio (LCR) requirement takes into account the relative stability of

different sources of funding and potential incremental funding requirements in a stress. The LCR is designed to promote

short-term resilience of a bank’s liquidity risk profile by holding sufficient high quality liquid assets to survive an acute stress

scenario lasting for 30 days.

As at 30 June 2020, Barclays Bank UK Group held eligible liquid assets well above 100% of the net stress outflows to its

internal and regulatory requirements. A significant portion of the liquidity pool was held in cash and deposits with central

banks. The liquidity pool was held entirely within Barclays Bank UK PLC.

As at

30.06.20

As at

31.12.19

£bn £bn

Barclays Bank UK Group liquidity pool 64 42

% %

Barclays Bank UK Group liquidity coverage ratio 171 144



Capital and leverage The disclosures below provide key capital metrics for Barclays Bank UK Group with further information on its risk profile

included in the Barclays Bank UK PLC Pillar 3 Report H1 2020, expected to be published on 14 August 2020, and which will

be available at home.barclays/investor-relations/reports-and-events/latest-financial-results.

On 27 June 2019, CRR II came into force amending CRR. As an amending regulation, the existing provisions of CRR apply

unless they are amended by CRR II. Certain aspects of CRR II are dependent on final technical standards to be issued by the

European Banking Authority (EBA) and adopted by the European Commission as well as UK implementation of the rules.

On 27 June 2020, CRR was further amended to accelerate specific CRR II measures and implement a new IFRS 9 transitional

relief calculation. Previously due to be implemented in June 2021, the accelerated measures primarily relate to the CRR

leverage calculation to include additional settlement netting and limited changes to the calculation of RWAs. For UK leverage

calculations, the PRA early adopted the CRR II settlement netting measure in April 2020.

The IFRS 9 transitional arrangements have been extended by two years and a new modified calculation has been introduced.

100% relief will be applied to increases in stage 1 and stage 2 provisions from 1 January 2020 throughout 2020 and 2021;

75% in 2022; 50% in 2023; 25% in 2024 with no relief applied from 2025. The phasing out of transitional relief on the “day

1” impact of IFRS 9 as well as increases in stage 1 and stage 2 provisions between 1 January 2018 and 31 December 2019

under the modified calculation remain unchanged and continue to be subject to 70% transitional relief throughout 2020;

50% for 2021; 25% for 2022 and with no relief applied from 2023.

Also impacting own funds from 30 June 2020 until 31 December 2020 inclusive are amendments to the regulatory technical

standards on prudential valuation which include an increase to diversification factors applied to certain additional valuation

adjustments.

The disclosures in the following section reflect Barclays’ interpretation of the current rules and guidance.

Capital ratios1,2 As at

30.06.20 As at

31.12.19

CET1 14.2% 13.5% Tier 1 (T1) 17.6% 16.9%

Total regulatory capital 23.1% 21.3%

Capital resources £m £m

CET1 capital 10,834 10,128

T1 capital 13,394 12,688 Total regulatory capital 17,537 16,012

Risk weighted assets (RWAs) 76,039 75,010

1 Capital and RWAs are calculated applying the IFRS 9 transitional arrangements of the CRR as amended by CRR II applicable as at the reporting date.

2 The fully loaded CET1 ratio was 13.4%, with £10,181m of CET1 capital and £76,054m of RWAs, calculated without applying the transitional arrangements of the CRR as amended by CRR II applicable as at the reporting date.

Barclays Bank UK Group is required to disclose an average UK leverage ratio which is based on capital on the last day of each

month in the quarter and an exposure measure for each day in the quarter. Barclays Bank UK Group is also required to disclose

a UK leverage ratio based on capital and exposure on the last day of the quarter. Both approaches exclude qualifying claims

on central banks from the leverage exposures and include the PRA’s early adoption of CRR II settlement netting.

As at 30 June 2020, Barclays Bank UK Group average UK leverage ratio was 5.3% which is above the leverage ratio

requirement.

Leverage ratios1

As at

30.06.20

£m

As at

31.12.19

£m

Average UK leverage ratio2 5.3% 5.2%

Average T1 capital 13,176 12,598 Average UK leverage exposure 247,894 240,057

UK leverage ratio 5.5% 5.4% T1 capital 13,394 12,688

UK leverage exposure 245,609 236,026

1 Capital and RWAs are calculated applying the IFRS 9 transitional arrangements of the CRR as amended by CRR II applicable as at the reporting date.

2 The CET1 capital held against the 0.35% SRB ALRB was £0.9bn and against the 0.0% CCLB was £0.0bn.

Statement of Directors’ Responsibilities


The Directors (the names of whom are set out below) are required to prepare the financial statements on a going concern

basis unless it is not appropriate to do so. In making this assessment, the directors have considered information relating to

present and future conditions. Each of the Directors (the names of whom are set out below) confirm that to the best of their

knowledge, the condensed consolidated interim financial statements set out on pages 15 to 19 have been prepared in

accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union (EU),

and that the interim management report herein includes a fair review of the information required by Disclosure Guidance and

Transparency Rules 4.2.7R and 4.2.8R namely:

an indication of important events that have occurred during the six months ended 30 June 2020 and their impact on the

condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the

remaining six months of the financial year

any related party transactions in the six months ended 30 June 2020 that have materially affected the financial position

or performance of Barclays Bank UK Group during that period and any changes in the related party transactions

described in the last Annual Report that could have a material effect on the financial position or performance of Barclays

Bank UK Group in the six months ended 30 June 2020.

Signed on 28 July 2020 on behalf of the Board by

Matt Hammerstein James Mack

Barclays Bank UK Group Chief Executive Barclays Bank UK Group Chief Financial Officer

Barclays Bank UK PLC Board of Directors:

Chair

Sir Ian Cheshire

Executive Directors

Matt Hammerstein

James Mack

Non-executive Directors

Avid Larizadeh Duggan

Michael Jary

Kathryn Matthews

Chris Pilling

Andrew Ratcliffe

David Thorburn

Sir John Timpson

Independent Review Report to Barclays Bank UK PLC


Conclusion

We have been engaged by the company to review the condensed set of financial statements in the Interim Results

Announcement for the six months ended 30 June 2020 which comprises:

the condensed consolidated income statement and condensed consolidated statement of comprehensive income for

the period then ended;

the condensed consolidated balance sheet as at 30 June 2020;

the condensed consolidated statement of changes in equity for the period then ended;

the condensed consolidated cash flow statement for the period then ended; and

the related explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial

statements in the Interim Results Announcement for the six months ended 30 June 2020 is not prepared, in all material

respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the Disclosure Guidance and

Transparency Rules (“the DTR”) of the UK’s Financial Conduct Authority (“the UK FCA”).

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review

of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board

for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for

financial and accounting matters, and applying analytical and other review procedures. We read the other information

contained in the Interim Results Announcement and consider whether it contains any apparent misstatements or material

inconsistencies with the information in the condensed set of financial statements.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK)

and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might

be identified in an audit. Accordingly, we do not express an audit opinion.

Directors’ responsibilities

The Interim Results Announcement is the responsibility of, and has been approved by, the directors. The directors are

responsible for preparing the Interim Results Announcement in accordance with the DTR of the UK FCA.

As disclosed in Note 1, Basis of preparation, the annual financial statements of the Barclays Bank UK Group are prepared in

accordance with International Financial Reporting Standards as adopted by the EU. The directors are responsible for

preparing the condensed set of financial statements included in the Interim Results Announcement in accordance with IAS

34 as adopted by the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the Interim

Results Announcement based on our review.

The purpose of our review work and to whom we owe our responsibilities

This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting

the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the company those

matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the

conclusions we have reached.

Michael McGarry

for and on behalf of KPMG LLP

Chartered Accountants

15 Canada Square

London, E14 5GL

28 July 2020

Condensed Consolidated Financial Statements


Condensed consolidated income statement (unaudited)

Half year ended

30.06.20 Half year ended

30.06.19

Notes1 £m £m

Interest and similar income 3,149 3,470

Interest and similar expense (516) (594)

Net interest income 2,633 2,876

Fee and commission income 3 667 818

Fee and commission expense 3 (149) (188)

Net fee and commission income 3 518 630

Other income 89 65

Total income 3,240 3,571

Credit impairment charges (1,055) (418)

Net operating income 2,185 3,153

Staff costs (647) (638)

Infrastructure, administration and general expenses (1,541) (1,548)

Litigation and conduct (11) (45)

Operating expenses (2,199) (2,231)

Profit on disposal of subsidiaries, associates and joint ventures 12 -

(Loss)/profit before tax (2) 922

Tax credit/(charge) 5 91 (213)


Attributable to:

Equity holders of the parent (5) 639

Other equity instrument holders 94 70


1 For notes to the Financial Statements see pages 20 to 31.



Condensed consolidated statement of comprehensive income (unaudited)

Half year

ended

30.06.20

Half year ended

30.06.19

Notes1 £m £m


Other comprehensive income that may be recycled to profit or loss:2

Fair value through other comprehensive income reserve 12 1 19

Cash flow hedging reserve 12 258 134

Other comprehensive income that may be recycled to profit or loss 259 153

Total comprehensive income for the period 348 862

1 For notes to the Financial Statements see pages 20 to 31. 2 Reported net of tax.



Condensed consolidated balance sheet (unaudited)

+

As at

30.06.20

As at

31.12.19

Assets Notes1 £m £m

Cash and balances at central banks 38,651 24,305

Cash collateral and settlement balances 4,688 4,331

Loans and advances at amortised cost 205,919 197,569

Reverse repurchase agreements and other similar secured lending 3,323 1,761

Trading portfolio assets 603 860

Financial assets at fair value through the income statement 3,548 3,571

Derivative financial instruments 309 192

Financial assets at fair value through other comprehensive income 24,096 19,322

Goodwill and intangible assets 3,528 3,530

Property, plant and equipment 816 893

Deferred tax assets 5 803 810

Other assets 764 1,254

Total assets 287,048 258,398

Liabilities

Deposits at amortised cost 225,745 205,696

Cash collateral and settlement balances 181 214

Repurchase agreements and other similar secured borrowing 16,099 13,420

Debt securities in issue 12,028 8,271

Subordinated liabilities 10,598 7,688

Trading portfolio liabilities 1,227 1,704


Current tax liabilities 436 458

Other liabilities 1,752 2,034

Provisions 8 1,347 1,660

Total liabilities 270,262 241,885

Equity

Called up share capital and share premium 10 5 5

Other reserves 12 442 183

Retained earnings 13,779 13,765

Shareholders' equity attributable to ordinary shareholders of the parent 14,226 13,953

Other equity instruments 11 2,560 2,560

Total equity 16,786 16,513

Total liabilities and equity 287,048 258,398

1 For notes to the Financial Statements see pages 20 to 31.



Condensed consolidated statement of changes in equity (unaudited)

Called up

share capital

and share

premium1

Other equity

instruments1

Other

reserves1

Retained

earnings

Total

equity

Half year ended 30.06.20 £m £m £m £m £m

Balance as at 1 January 2020 5 2,560 183 13,765 16,513

Profit after tax - 94 - (5) 89

Fair value through other comprehensive income reserve - - 1 - 1

Cash flow hedges - - 258 - 258

Total comprehensive income for the period - 94 259 (5) 348

Issue of shares under employee share schemes - - - 29 29

Coupons paid on other equity instruments - (94) - - (94)

Vesting of employee share schemes - - - (11) (11)

Dividends paid - - - (220) (220)

Capital Contribution from Barclays PLC - - - 220 220

Other movements - - - 1 1

Balance as at 30 June 2020 5 2,560 442 13,779 16,786

Half year ended 31.12.19

Balance as at 1 July 2019 5 2,763 229 14,734 17,731

Profit after tax - 83 - (636) (553)

Fair value through other comprehensive income reserve - - (15) - (15)

Cash flow hedges - - (31) - (31)

Total comprehensive income for the period -- 83 (46) (636) (599)


Issue and exchange of equity instruments - (203) - - (203)



Other movements - - - 1 1

Balance as at 31 December 2019 5 2,560 183 13,765 16,513


Balance as at 1 January 2019 5 2,070 76 14,792 16,943

Profit after tax - 70 - 639 709

Fair value through other comprehensive income reserve - - 19 - 19

Cash flow hedges - - 134 - 134

Total comprehensive income for the period - 70 153 639 862


Issue and exchange of equity instruments - 693 - - 693


Vesting of employee share schemes - - - (12) (12)


Other movements - - - (1) (1)

Balance as at 30 June 2019 5 2,763 229 14,734 17,731

1 Details of share capital, other equity instruments and other reserves are shown on pages 27 to 28.



Condensed consolidated cash flow statement (unaudited)

Half year ended

30.06.20 Half year ended

30.06.19

£m £m

Profit before tax (2) 922

Adjustment for non-cash items (160) (54)

Net increase in loans and advances at amortised cost (9,311) (5,455)

Net increase in deposits at amortised cost 20,049 3,645

Net increase in debt securities in issue 3,757 865

Changes in other operating assets and liabilities 201 1,856

Corporate income tax paid (23) -

Net cash from operating activities 14,511 1,779

Net cash from investing activities (2,342) (7,565)

Net cash from financing activities 1,902 68

Effect of exchange rates on cash and cash equivalents 294 326

Net increase / (decrease) in cash and cash equivalents 14,365 (5,392)

Cash and cash equivalents at beginning of the period 28,042 44,334

Cash and cash equivalents at end of the period 42,407 38,942

1 From 2019, the effect of exchange rates on cash and cash equivalents has been disclosed. Comparatives have been restated, reducing other non-cash movements by

£326m.

Financial Statement Notes


1. Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 June 2020 have been prepared in

accordance with the DTR of the UK FCA and with IAS 34, Interim Financial Reporting, as published by the International

Accounting Standards Board (IASB) and adopted by the EU. The condensed consolidated interim financial statements should

be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared

in accordance with IFRSs as published by the IASB and as adopted by the EU.

The accounting policies and methods of computation used in these condensed consolidated interim financial statements are

the same as those used in the Barclays Bank UK PLC Annual Report 2019.

1. Going concern

The financial statements are prepared on a going concern basis, as the Directors are satisfied that the Group and parent

company have the resources to continue in business for the foreseeable future. In making this assessment, the Directors have

considered a wide range of information relating to present and future conditions, including future projections of profitability,

capital requirements and capital resources.

2. Other disclosures

The Credit risk disclosures on pages 6 to 10 form part of these interim financial statements.



2. Segmental reporting

Analysis of results by business


Personal

Banking £m

Barclaycard

Consumer UK £m

Business

Banking £m

Head

Office £m

Barclays Bank

UK Group £m

Total income 1,863 810 575 (8) 3,240

Credit impairment (charges) (255) (697) (103) - (1,055)

Net operating income/(expenses) 1,608 113 472 (8) 2,185

Operating costs (1,544) (260) (359) (25) (2,188)

Litigation and conduct (4) (3) (4) - (11)

Total operating expenses (1,548) (263) (363) (25) (2,199)

Other net income 12 - - - 12

Profit/(loss) before tax 72 (150) 109 (33) (2)

As at 30.06.2020 £bn £bn £bn £bn £bn

Total assets 199.8 12.3 74.9 - 287.0


Personal

Banking

£m

Barclaycard

Consumer UK

£m

Business

Banking

£m

Head

Office

£m

Barclays Bank

UK Group

£m

Total income 1,992 987 657 (65) 3,571

Credit impairment (charges)/releases (88) (315) (18) 3 (418)

Net operating income/(expenses) 1,904 672 639 (62) 3,153

Operating costs (1,548) (284) (352) (1) (2,186)

Litigation and conduct 1 (44) (1) (2) (45)

Total operating expenses (1,547) (328) (353) (3) (2,231)

Profit/(loss) before tax 357 344 286 (65) 922

As at 31.12.2019 £bn £bn £bn £bn £bn

Total assets 187.3 16.1 55.0 - 258.4

Income by geographic region Income from Barclays Bank UK Group is earned from the UK region.



3. Net fee and commission income

Fee and commission income is disaggregated below and includes a total for fees in scope of IFRS 15, Revenue from Contracts

with Customers:


Personal

Banking £m

Barclaycard

Consumer UK £m

Business

Banking £m

Head

Office £m

Barclays Bank

UK Group £m

Fee type Transactional 283 47 56 - 386

Advisory 79 - - - 79

Other 150 7 45 - 202

Total revenue from contracts with customers 512 54 101 - 667

Other non-contract fee income - - - - -

Fee and commission income 512 54 101 - 667

Fee and commission expense (133) (9) (7) - (149)

Net fee and commission income 379 45 94 - 518


Fee type

Transactional 344 102 76 - 522

Advisory 88 - - - 88 Other 153 1 54 - 208

Total revenue from contracts with customers 585 103 130 - 818 Other non-contract fee income - - - - -

Fee and commission income 585 103 130 - 818

Fee and commission expense (168) (15) (5) - (188)

Net fee and commission income 417 88 125 - 630

Transactional fees are service charges on deposit accounts, cash management services and transactional processing fees.

This includes interchange and merchant fee income generated from credit and bank card usage.

Advisory fees are generated from wealth management services. Wealth management advisory fees primarily consists of

asset-based fees for advisory accounts of wealth management clients and are based on the market value of client assets.

They are earned over the period the services are provided and are generally recognised quarterly when the market value of

client assets is determined.

Other relates to various fee types which individually do not amount to 10% or greater of the Barclays Bank UK Group total

fee and commission income.

4. Dividends on ordinary shares

Half year ended

30.06.20

Half year ended

30.06.19 Dividends paid during the period £m £m

Full year dividend paid during period 220 700

A dividend of £220m was paid on 25 March 2020 by Barclays Bank UK PLC to its parent Barclays PLC. This was prior to the

announcement made by the PRA on 31 March 2020 that capital be preserved for use in serving Barclays customers and

clients through the extraordinary challenges presented by the Covid-19 pandemic. As part of a response to this

announcement, Barclays PLC took steps to provide additional capital to Barclays Bank UK PLC in the form of a capital

contribution.

5. Tax

The tax credit for H120 was £91m (H119: £213m charge), which includes the impact of the tax benefit recognised for the re-

measurement of UK deferred tax assets as a result of the UK corporation tax rate being maintained at 19%.

The deferred tax asset of £803m (2019: £810m) includes £43m (2019: nil) relating to tax losses.



6. Fair value of financial instruments

This section should be read in conjunction with Note 15, Fair value of financial instruments of the Barclays Bank UK PLC

Annual Report 2019 and Note 1, Basis of preparation on page 20, which provides more detail about accounting policies

adopted and valuation methodologies used in calculating fair value.

Valuation

The following table shows assets and liabilities that are held at fair value disaggregated by valuation technique (fair value

hierarchy) and balance sheet classification:

Valuation technique using

Quoted

market prices

(Level 1)

Observable

inputs

(Level 2)

Significant unobservable

inputs

(Level 3) Total

As at 30.06.20 £m £m £m £m

Trading portfolio assets 354 249 - 603

Financial assets designated at fair value through income statement - 100 3,448 3,548

Derivative financial instruments - 309 - 309

Financial assets designated at fair value through other comprehensive

income 6,983 17,113 - 24,096

Total assets 7,337 17,771 3,448 28,556

Trading portfolio liabilities (1,077) (150) - (1,227)

Derivative financial instruments - (849) - (849)

Total liabilities (1,077) (999) - (2,076)

As at 31.12.19 £m £m £m £m

Trading portfolio assets 384 476 - 860

Financial assets designated at fair value through income statement - 38 3,533 3,571

Derivative financial instruments - 192 - 192

Financial assets designated at fair value through other comprehensive

income 6,162 13,160 - 19,322

Total assets 6,546 13,866 3,533 23,945

Trading portfolio liabilities (1,331) (373) - (1,704)

Derivative financial instruments - (740) - (740)

Total liabilities (1,331) (1,113) - (2,444)



Assets and liabilities reclassified between Level 1 and Level 2 During the period, there were no material transfers between Level 1 and Level 2.

Level 3 movement analysis The following table summarises the movements in the Level 3 balance during the period. The table shows gains and losses

and includes amounts for all financial assets and liabilities that are held at fair value transferred to and from Level 3 during

the period.

Asset and liability moves between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market

activity related to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified

as Level 3 if an unobservable input is deemed significant.

Total gains and

losses in the

period recognised

in the income

statement Transfers

As at

01.01.20

£m

Purchases

£m

Sales

£m

Issues

£m

Settlements

£m

Trading

income1

£m

Other

income

£m

In

£m

Out

£m

As at

30.06.20

£m

Non-asset backed loans 3,530 - - - (298) 271 - - (59) 3,444

Other 3 6 - - (5) - - - - 4

Financial assets at fair value through

the income statement 3,533 6 - - (303) 271 - - (59) 3,448

As at

01.01.19

£m

As at

30.06.19

£m

Non-asset backed loans 3,852 - - - (163) 178 - - (8) 3,859

Financial assets at fair value through

the income statement 3,852 - - - (163) 178 - - (8) 3,859

1 Trading income represents gains on Level 3 financial assets which is offset by losses on derivative hedges disclosed within Level 2.

Unrealised gains and losses on Level 3 financial assets and liabilities The following table discloses the unrealised gains and losses recognised in the period arising on Level 3 financial assets and

liabilities held at the period end:

As at 30.06.20 As at 30.06.19

Income statement Income statement

Trading income

Other income Total

Trading income

Other income Total

£m £m £m £m £m £m

Financial assets at fair value through the income statement

271 - 271 178 - 178



Valuation techniques and sensitivity analysis Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably

possible alternative valuations. The sensitivity methodologies applied take account of the nature of valuation techniques used,

as well as the availability and reliability of observable proxy and historical data and the impact of using alternative models.

Sensitivity analysis of valuations using unobservable inputs

The following table discloses the sensitivity to changes in credit spreads used in determining the fair value of Non-asset

backed loans:

As at 30.06.20 As at 31.12.19

Favourable

changes

Unfavourable

changes

Favourable

changes

Unfavourable

changes

£m £m £m £m

Non-asset backed loans 95 (236) 89 (264)

The effect of stressing unobservable inputs to a 90th percentile confidence interval of a potential range of values, alongside

considering the impact of using alternative models, would be to increase fair values by up to £95m (December 2019: £89m)

or to decrease fair values by up to £236m (December 2019: £264m). All the potential effect would impact profit and loss.

The asymmetry in the favourable and unfavourable changes in the sensitivity analysis is attributable to Investing and Funding

costs with the prudential valuation framework contributing to the unfavourable side only.

Unrecognised gains as a result of the use of valuation models using unobservable inputs The amount that has yet to be recognised in income that relates to the difference between the transaction price (the fair value

at initial recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on

initial recognition, less amounts subsequently recognised, is £12m (December 2019: £13m) for financial instruments

measured at fair value and £223m (December 2019: £224m) for financial instruments carried at amortised cost. The

decrease of £1m in financial instruments measured at fair value is driven by amortisation and releases of £1m (December

2019: £1m). The decrease of £1m in financial instruments carried at amortised cost is driven by amortisation and releases of

£6m (December 2019: £12m) offset by additions of £5m (December 2019: £5m).

Portfolio exemption The Barclays Bank UK Group uses the portfolio exemption in IFRS 13, Fair Value Measurement to measure the fair value of

groups of financial assets and liabilities. Instruments are measured using the price that would be received to sell a net long

position (i.e. an asset) for a particular risk exposure or to transfer a net short position (i.e. a liability) for a particular risk

exposure in an orderly transaction between market participants at the balance sheet date under current market conditions.

Accordingly, the Barclays Bank UK Group measures the fair value of the group of financial assets and liabilities consistently

with how market participants would price the net risk exposure at the measurement date.

Comparison of carrying amounts and fair values for assets and liabilities not held at fair value The following table summarises the fair value of financial assets and liabilities measured at amortised cost on the Barclays

Bank UK Group balance sheet:

As at 30.06.20 As at 31.12.19

Carrying

amount Fair value

Carrying

amount Fair value

Financial assets £m £m £m £m

Loans and advances at amortised cost 205,919 205,113 197,569 196,342

Reverse repurchase agreements and other similar secured lending 3,323 3,323 1,761 1,761

Financial liabilities

Deposits at amortised cost (225,745) (225,773) (205,696) (205,701)

Repurchase agreements and other similar secured borrowing (16,099) (16,099) (13,420) (13,420)

Debt securities in issue (12,028) (12,399) (8,271) (8,644)

Subordinated liabilities (10,598) (10,637) (7,688) (8,022)



7. Subordinated liabilities

Half year

ended Year ended

30.06.20 31.12.19

£m £m

Opening balance as at 1 January 7,688 7,548

Issuances 2,007 157 Other 903 (17)

Closing balance 10,598 7,688

Issuances of £2,007m comprises £1,507m intra-group loans from Barclays PLC and £500m 3.75% Fixed Rate Resetting

Subordinated Callable Notes issued intra-group to Barclays PLC.

Other movements predominantly include foreign exchange movements and fair value hedge adjustments.

8. Provisions

As at As at

30.06.20 31.12.19

£m £m

Payment Protection Insurance redress 774 1,155

Other customer redress 325 350

Legal, competition and regulatory matters 5 1

Redundancy and restructuring 20 12

Undrawn contractually committed facilities and guarantees 148 70

Onerous contracts 10 21

Sundry provisions 65 51

Total 1,347 1,660

PPI redress

As at 30 June 2020, the Barclays Bank UK Group held a provision totalling £0.8bn against the cost of PPI redress and associated

processing costs.

The Barclays Group has recognised cumulative provisions totalling £11bn (December 2019: £11bn), against the cost of

Payment Protection Insurance (PPI) redress and associated processing costs. Utilisation of the cumulative provisions to date

is £10.2bn (December 2019: £9.8bn).

The current provision reflects the estimated cost of PPI redress attributable to claims and information requests from

customers, Claims Management Companies and the Official Receiver in relation to bankrupt individuals, prior to the Financial

Conduct Authority (FCA) complaint deadline of 29th August 2019.

Q3 2019 saw an exceptional level of claims and information requests received in advance of the complaint deadline of 29

August 2019. All the items outstanding at Q3 2019, greater than two million in total, have now been processed into Barclays’

systems. 70% of these have been resolved including invalid items.

It is possible that the eventual cumulative provision will differ from the current estimate. The table below shows the predicted

level of valid claims and the impact of a 1% increase or decrease in the percentage of valid volumes on the outstanding claims

at 30 June 2020:

Validity assumptions1

Total Volumes

Assumed Valid2

%

Sensitivity on the

remaining volumes

£m

Claims received 21% 1% = £3m

Information requests received 7% 1% = £2m

Final agreement has yet to be reached in relation to claims received from the Official Receiver, however we do not expect

any further exposure from these claims to be material in the context of the total provision.

1 Total valid claims and information requests received, excluding those for which no PPI policy exists, claims from the Official Receiver in relation to bankrupt individuals and responses to proactive mailing. The sensitivity has been calculated to show the impact a 1% increase or decrease in the volume of unresolved valid claims would have on the provision level.

2 Based on the observed data from September 2019 to June 2020.



9. Retirement Benefits

As permitted under the Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2015, from 1

September 2017, until the end of 2025, Barclays Bank UK PLC will participate as an employer in the UK Retirement Fund

(UKRF). Barclays Bank UK PLC will make contributions for the future service of its employees who are currently Afterwork

members and, in the event of Barclays Bank PLC’s insolvency during this period, Barclays Bank UK PLC would step in as

principal employer of the UKRF. Barclays Bank PLC remains the sponsoring employer of the UKRF.

Under IAS 19, the defined benefit obligation remains with Barclays Bank PLC and Barclays Bank UK PLC recognises a cost

equal to its contributions to the scheme. In accordance with accounting standards, Barclays Bank UK PLC does not account

for any potential additional liability to the scheme at the end of the transitional phase.

There have been no changes to the plan arrangements in the six months to 30 June 2020.

10. Called up share capital

As at 30 June 2020, the issued ordinary share capital of Barclays Bank UK PLC comprised 505m (December 2019: 505m)

ordinary shares of £0.01 each.

There were no issuances or redemptions in the six months to 30 June 2020.

11. Other equity instruments

Other equity instruments of £2,560m (December 2019: £2,560m) are AT1 securities issued to Barclays PLC. Barclays PLC

uses funds from the market issuance to purchase AT1 securities from Barclays Bank UK PLC. There have been no issuances

or redemptions in the 6 months to 30 June 2020.

The AT1 securities are perpetual securities with no fixed maturity and are structured to qualify as AT1 instruments under

prevailing capital rules applicable as at the relevant issue date. AT1 securities are undated and are redeemable, at the option

of Barclays Bank UK PLC, in whole at the initial call date, or on any fifth anniversary after the initial call date. In addition, the

AT1 securities are redeemable, at the option of Barclays Bank UK PLC, in whole in the event of certain changes in the tax or

regulatory treatment of the securities. Any redemptions require the prior consent of the PRA.

12. Other reserves

As at

30.06.20 As at

31.12.19

£m £m

Fair value through other comprehensive income reserve (28) (29)

Cash flow hedging reserve 381 123

Other reserves and other shareholders’ equity 89 89

Total 442 183

Fair value through other comprehensive income reserve

The fair value through other comprehensive income reserve represents the unrealised change in the fair value through other

comprehensive income investments since initial recognition.

As at 30 June 2020, there was a debit balance of £28m (December 2019: £29m debit) in the fair value through other

comprehensive income reserve. The gain of £1m is principally driven by a £29m gain from the increase in fair value of bonds

due to decreasing bond yields and an impairment charge of £6m. This was offset by £35m of net gains transferred to the

income statement.

Cash flow hedging reserve

The cash flow hedging reserve represents the cumulative gains and losses on effective cash flow hedging instruments that

will be recycled to the income statement when the hedged transactions affect profit or loss.

As at 30 June 2020, there was a credit balance of £381m (December 2019: £123m credit) in the cash flow hedging reserve.

The increase of £258m principally reflects a £391m increase in the fair value of interest rate swaps held for hedging purposes

as interest rate forward curves decreased. This is partially offset by £33m of gains transferred to the income statement and a

tax charge of £100m.



Other reserves and other shareholders’ equity

Other reserves and other shareholders’ equity relate to the merger reserve for Barclays Bank UK Group and the Group

Reconstruction Relief for Barclays Bank UK PLC, in respect of the transfer of the UK banking business, which occurred on 1

April 2018.

As at 30 June 2020, there was a credit balance of £89m (December 2019: £89m credit) in other reserves and shareholders’

equity. There has been no movement since December 2019.

13. Contingent liabilities and commitments

The following table summarises the nominal principal amount of contingent liabilities and commitments which are not

recorded on the balance sheet:

Contingent liabilities

As at

30.06.20

£m

As at

31.12.19

£m

Guarantees and letters of credit pledged as collateral security 400 600

Performance guarantees, acceptances and endorsements 150 150

Total 550 750

Commitments

Standby facilities, credit lines and other commitments 66,477 64,309

In addition to the above, Note 14, Legal, competition and regulatory matters details out further contingent liabilities where it

is not practicable to disclose an estimate of the potential financial effect on Barclays Bank UK Group.

14. Legal, competition and regulatory matters

Barclays Bank UK PLC and the Barclays Bank UK Group face legal, competition and regulatory challenges, many of which are

beyond our control. The extent of the impact of these matters cannot always be predicted but may materially impact our

operations, financial results, condition and prospects. Matters arising from a set of similar circumstances can give rise to

either a contingent liability or a provision, or both, depending on the relevant facts and circumstances.

The recognition of provisions in relation to such matters involves critical accounting estimates and judgments in accordance

with the relevant accounting policies as described in Note 8, Provisions. We have not disclosed an estimate of the potential

financial impact or effect on the Group of contingent liabilities where it is not currently practicable to do so. Various matters

detailed in this note seek damages of an unspecified amount. While certain matters specify the damages claimed, such

claimed amounts do not necessarily reflect the Group’s potential financial exposure in respect of those matters.

Investigation into collections and recoveries relating to unsecured lending

Since February 2018, the FCA has been investigating whether the Barclays Group implemented effective systems and controls

with respect to collections and recoveries and whether it paid due consideration to the interests of customers in default and

arrears. The FCA investigation is at an advanced stage.

HM Revenue & Customs (HMRC) assessments concerning UK Value Added Tax

In 2018, HMRC issued notices that have the effect of removing certain overseas subsidiaries that have operations in the UK

from Barclays’ UK VAT group, in which group supplies between members are generally free from VAT. The notices have

retrospective effect and correspond to assessments of £181m (inclusive of interest), of which Barclays would expect to

attribute an amount of approximately £128m to Barclays Bank UK PLC and £53m to Barclays Bank PLC. HMRC’s decision has

been appealed to the First Tier Tribunal (Tax Chamber).

Local authority civil actions concerning LIBOR

Following settlement by Barclays Bank PLC of various governmental investigations concerning certain benchmark interest

rate submissions, in the UK, certain local authorities have brought claims against Barclays Bank PLC (and, in certain cases,

Barclays Bank UK PLC) asserting that they entered into loans in reliance on misrepresentations made by Barclays Bank PLC in

respect of its conduct in relation to LIBOR. The loans were originally entered into with Barclays Bank PLC, but Barclays Bank

UK PLC is now the lender of record. Barclays has applied to strike out the claims.



General

The Barclays Bank UK Group is engaged in various other legal, competition and regulatory matters in the jurisdictions in which

it operates. The Barclays Bank UK Group is subject to legal proceedings brought by and against members of the Barclays Bank

UK Group which arise in the ordinary course of business from time to time, including (but not limited to) disputes in relation

to contracts, securities, debt collection, consumer credit, fraud, trusts, client assets, competition, data management and

protection, money laundering, financial crime, employment, environmental and other statutory and common law issues.

The Barclays Bank UK Group is also subject to enquiries and examinations, requests for information, audits, investigations

and legal and other proceedings by regulators, governmental and other public bodies in connection with (but not limited to)

consumer protection measures, compliance with legislation and regulation, wholesale trading activity and other areas of

banking and business activities in which it is or has been engaged. The Barclays Bank UK Group is cooperating with the

relevant authorities and keeping all relevant agencies briefed as appropriate in relation to these matters and others described

in this note on an ongoing basis.

At the present time, Barclays Bank UK PLC does not expect the ultimate resolution of any of these other matters to have a

material adverse effect on its financial position. However, in light of the uncertainties involved in such matters and the matters

specifically described in this note, there can be no assurance that the outcome of a particular matter or matters (including

formerly active matters or those matters arising after the date of this note) will not be material to Barclays Bank UK PLC’s

results, operations or cash flow for a particular period, depending on, among other things, the amount of the loss resulting

from the matter(s) and the amount of profit otherwise reported for the reporting period.

15. Related party transactions

Related party transactions in the half year ended 30 June 2020 were similar in nature to those disclosed in the Barclays Bank

UK PLC Annual Report 2019.

Amounts included in the Barclays Bank UK Group’s financial statements with other Barclays Group companies are as follows:

Half year ended 30.06.20 Half year ended 30.06.19

Parent Fellow

subsidiaries Parent Fellow

subsidiaries

£m £m £m £m

Total income (146) 57 (140) 52

Operating expenses (22) (1,100) (36) (1,142)

As at 30.06.20 As at 31.12.19

Parent Fellow

subsidiaries Parent Fellow

subsidiaries

£m £m £m £m

Total assets 9 1,701 6 667

Total liabilities 10,137 1,722 7,594 1,679

Except for the above, no related party transactions that have taken place in the half year ended 30 June 2020 have materially

affected the financial position or performance of the Barclays Bank UK Group during this period.



16. Barclays Bank UK PLC parent condensed balance sheet

As at

30.06.20

As at

31.12.19

Assets £m £m

Cash and balances at central banks 38,651 24,305

Cash collateral and settlement balances 4,688 4,331

Loans and advances at amortised cost 206,891 197,960

Reverse repurchase agreements and other similar secured lending 3,323 1,761

Trading portfolio assets 603 860

Financial assets at fair value through the income statement 3,548 3,571


Financial assets at fair value through other comprehensive income 24,096 19,322

Investments in subsidiaries 454 454

Goodwill and intangible assets 3,380 3,382

Property, plant and equipment 816 893

Deferred tax assets 803 810

Other assets 570 1,079

Total assets 288,132 258,921

Liabilities

Deposits at amortised cost 227,409 206,764

Cash collateral and settlement balances 181 214

Repurchase agreements and other similar secured borrowing 16,099 13,420

Debt securities in issue 11,502 7,778

Subordinated liabilities 10,598 7,688

Trading portfolio liabilities 1,227 1,704


Current tax liabilities 426 451

Other liabilities 1,581 1,903

Provisions 1,311 1,613

Total liabilities 271,214 242,275

Equity

Called up share capital and share premium 5 5

Other equity instruments 2,560 2,560

Other reserves 544 285

Retained earnings 13,809 13,796

Total equity 16,918 16,646

Total liabilities and equity 288,132 258,921

Investment in subsidiaries

The investment in subsidiaries of £454m (December 2019: £454m) predominantly relates to investments in Barclays

Insurance Services Company Limited, Barclays Investment Solutions Limited and Barclays Asset Management Limited.

Barclays Bank UK PLC has reviewed its investments in subsidiaries and has concluded that no impairment is required.

Other Information


Results timetable1 Date

2020 Annual Report 11 February 2021

For further information please contact

Investor relations Media relations

Chris Manners +44 (0) 20 7773 2136 Thomas Hoskin +44 (0) 20 7116 4755

More information on Barclays Bank UK PLC can be found on our website: home.barclays.

Registered office

1 Churchill Place, London, E14 5HP, United Kingdom. Tel: +44 (0) 20 7116 1000. Company number: 9740322.

1 Note that this date is provisional and subject to change.

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